private sector

Private sector added close to half a million jobs in June, doubling expectations

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Per CNBCAfter a brutal round of major layoffs, especially in the tech sector, there has reportedly been a large hiring spree that happened in June. This was as the private sector added 497,000 jobs, doubling initial expectations, according to ADP.The most hires were said to be in leisure and hospitality, while construction, trade, transportation, and utilities followed. Out of the 497,000 jobs added, leisure and hospitality were responsible for 232,000 new hires.Construction also brought in 97,000, while the combination of trade, transportation, and utilities also raked in 90,000 hires. Previous expectations thought that there would only be 220,000 jobs.Nela Richardson, ADP's chief economist, commented on the situation.Richardson: “Consumer-facing service industries had a strong June, aligning to push job creation higher than expected... “But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge.”Toward the end of March, it was also reported that Goldman Sachs believed that AI platforms like ChatGPT would impact 300 million full-time jobs. This came as there had been growing talks of artificial intelligence potentially replacing much work done by humans.In February, it was reported that in the first time ever, there were more jobs in Florida compared to New York.See flow at unusualwhales.com/flow.Other News:Goldman Sachs believes 300 million full-time jobs could be impacted by AI platforms like ChatGPTFor the first time ever, there are more jobs in the Florida than there are in New YorkResources:CNBC

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